COMMITMENTS |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS | COMMITMENTS Lease Obligations
On May 1, 2019, the Company entered into a month to month lease agreement for their headquarters. The agreement is for an undefined term and can be cancelled at any time, given one month’s notice by either party. The Company’s monthly rent expense associated with this agreement is approximately $1,440. The Company’s month to month headquarters lease is in the name of the Company’s Chief Executive Officer, and the cost is reimbursed monthly.
For the three and six months ended June 30, 2023 and 2022, rent expense was approximately $4,000 and $8,000, respectively for each period.
Professional Services Agreement
In March 2022, the Company entered into a professional services agreement with Triple Ring Technologies, Inc (“TRT”) a co-development company, which was followed by several amendments.
The Company currently has one open committed project for device cost reductions totaling $1.7 million. As of June 30, 2023 the Company has a remaining commitment of $0.8 million.
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